(Kitco News) - Gold will be going higher in 2018, even with the Federal Reserve continuing to tighten its monetary policy, TD Securities said in a report.“Softening USD, inflation and geopolitical risks drive gold into $1,340s territory, lift precious complex— correction in gold not in the cards even as Fed tightens,” said Bart Melek, head of commodity strategy at TD Securities.M...Read More
LONDON (Reuters) - Investors have raised their stock allocations to two-year highs and cut cash positions to five-year lows, with a majority expecting the equity bull run to continue into 2019, a survey by Bank of America Merrill Lynch (BAML) showed on Tuesday.The global survey, which covers 183 participants with $526 billion under management, was conducted from Jan. 5 to 11, when world stocks rec...Read More
* ECB seen sticking to its policy message next week - Reuters* Signs of Merkel's struggle to govern puts euro on back foot* Bitcoin, other cryptocurrencies plunge on crackdown fears (Updates market action, changes dateline, previous LONDON)By Richard LeongNEW YORK, Jan 16 (Reuters) - The euro retreated from a three-year high on Tuesday as investors sold the currency on doubts that the European Cen...Read More
(Adds details)BRUSSELS/MADRID, Jan 16 (Reuters) - More central banks in Europe revealed plans on Tuesday to hold yuan as part of their foreign currency reserves, highlighting the Chinese currency's rise into an elite league of the world's major reserve currencies. Responding to Reuters inquiries placed with central banks across the region, Bank of Spain said it was considering an investment in th...Read More
(Kitco News)- FirstMajestic Silver (NYSE: AG,TSX: FR) reported a drop in silver and silverequivalent production for 2017 as the company saw mostly lower ore grades.Tuesday,the company said that production last year totaled 16.2 million equivalentsilver ounces, down 13% from 2016 production levels. The company added thattotal production was in line with its guidance.The reportsaid that total produ...Read More
Graphic chipmaker Nvidia Corporation (NASDAQ:NVDA) has had an impressive year, racing higher since bottoming out at $95.17 last March. In fact, the stock has managed to pick up more than 118% in the past 12 months, thanks to steady support from its 50-day moving average. The tech stock is surging higher again today, with the shares up 1.5% at $226.32 in early trading -- fresh off a new record high...Read More
The U.S. stock market is continuing its run into uncharted territory today -- with the Dow toppling 26,000 for the first time ever -- following a round of positive earnings reactions. However, it's not only earnings that are lifting stocks today, with e-commerce giant Amazon.com, Inc. (NASDAQ:AMZN) and streaming name Netflix, Inc. (NASDAQ:NFLX) popping on upbeat analyst attention. Here's a close l...Read More
Analysts at Deutsche Bank are calling for higher steel and metal prices over the next year or two, with 2018 in particular likely benefiting from strong demand. The brokerage firm also cited the Trump administration's $1 trillion infrastructure proposal and a potential drop in steel imports as two other bullish drivers. Two names that could benefit, according to Deutsche, are United States Steel C...Read More
* Palladium at record highs after 2017's 56 pct surge* NYMEX palladium net longs also at record levels* GRAPHIC-2018 asset returns: By Jan HarveyLONDON, Jan 16 (Reuters) - Palladium, the hottest property in the precious metals deck last year, is tipped for a record performance in 2018 even among bearish forecasters, but the metal could become a victim of its own success.The prospect of sharply hig...Read More
(Kitco News)- Mining companies struggling to attract investor capitalneed to start thinking outside the box and pay more attention to theirenvironmental footprint, according to one tech mining executive.Kurtis Vanwallegham, CEO of Bio-Mine at #DisruptMining 2017In an interview with Kitco News, Kurtis Vanwallegham, CEOof Bio-Mine, said that mining companies are starting to really focus on theimport...Read More
(Adds Kolomoisky comment, quote from central bank deputy governor, background)By Natalia ZinetsKIEV, Jan 16 (Reuters) - Ukraine's central bank said on Tuesday an investigation into the country's largest lender, PrivatBank, which was taken into state control in 2016, showed it had been used for money-laundering and shady deals over the course of at least a decade.One of the bank's former main shar...Read More
Futures on the Dow Jones Industrial Average (DJI) are well above fair value, putting the blue-chip index within reach of the 26,000 level-- just seven trading days after it toppled 25,000. Boosting the Dow is a positive earnings reaction for UnitedHealth (UNH) -- which is helping to overshadow a pre-market slump for General Electric (GE), with the stock down 3% on news the company will take a $6.2...Read More
JOHANNESBURG, Jan 16 (Reuters) - South Africa's central bank said on Tuesday it had appointed Fundi Tshazibana as the seventh member of its monetary policy committee, and that the former IMF staffer will also act as advisor to the current governors.In a statement, the Reserve Bank said Tshazibana had 17 years of experience in public policy analysis and formulation. She has previously worked at the...Read More
DOHA (Reuters) - Qatar’s central bank will consider the topic of virtual currencies and there may be an opportunity in the future to introduce them in Qatar, central bank governor Sheikh Abdullah bin Saud al-Thani said on Tuesday.Sheikh Abdullah made the remark as he delivered a speech on Qatar’s plans to build a hub for financial technology.Asked about his stance towards bitcoin, Shei...Read More
Gold prices are taking a pause after rallying on Monday, astraders use the moment for profit taking, says George Gero, managing directorat RBC Wealth Management. “Gold pausing today, may see minor profit taking, asall attention on strong stocks. Weak dollar continues,” Gero writes. One of thelooming risks this week is the U.S. government shutdown, he points out. “Goldpausing to r...Read More
Francesco GuarascioBRUSSELS (Reuters) - The European Central Bank has “flaws” in its procedures for identifying and dealing with banks in crisis, European Union auditors said on Tuesday.The European Court of Auditors, a European Union agency, cast doubt on the ECB’s supervision of the big banks in the euro zone and criticized the central bank’s reluctance to disclose releva...Read More
(Adds quote, updates prices)* Euro takes breather after setting 3-year high on Monday* Cryptocurrencies plunge on crackdown fears* Graphic: World FX rates in 2017 By Jemima KellyLONDON, Jan 16 (Reuters) - The euro fell from a three-year high on Tuesday as investors sold the currency on doubts that the European Central Bank would ditch its pledge to keep buying bonds at next week's meeting.Sources...Read More
Shares in Rio Tinto-controlled Turquoise Hill (TSX, NYSE:TRQ) were hit Tuesday after the miner revealed its massive Oyu Tolgoi copper and gold mine in Mongolia has been handed a $155 million tax bill.The Vancouver-based company said the amount relates to an audit on taxes imposed and paid by the mine operator between 2013 and 2015.Amount relates to an audit on taxes imposed and paid by the...Read More
(Kitco News)- The gold market is finding little traction Tuesday despite weaker than expected sentiment in the New York region's manufacturing sector, according to the latest data from the New York Federal Reserve,Tuesday, in its Empire State Manufacturing Survey, the regional central bank said that its general business conditions index rose to a reading of 17.7 in January, down slightly from 18 i...Read More
(Kitco News) - Gold pricesare near unchanged in early U.S. trading Tuesday, as the bulls catchtheir breath after prices scored a four-month high in overnight action. Meantime,silver prices hit a two-month high overnight. The precious metals markets arebeing supported by a plunging U.S. dollar index and a soaring Euro currency. February Comex gold was last down $0.50 an ounce at $1,334.30. March Co...Read More